Is a Dow Theory Non-Confirmation In Play?

The original Dow Theory states that the market is in an upward trend if either the industrial or transportation index advances above a previous important high and is accompanied or followed by a similar advance in the other average. For example, if the Dow Jones Industrial Average (DJIA) climbs to a new all-time high, and the Dow Jones Transportation Average (DJTA) follows suit within a reasonable period of time, the upward trend is confirmed.

Elliott Wave Analysis of Federal Express (FDX) by Sid from ElliottWavePredictions.com

It makes perfect sense that the spiking price of oil and gas is negatively influencing the Dow Jones Transportation Average first, and one of its major components, FedEx, is giving off some very bearish signs, like a clear 5-wave non-overlapping impulse to the downside, and a possible head and shoulders in the late stages of formation . […]